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FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

  (X) QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended August 31, 2003

OR

  (   ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from _________ to __________

  Commission file number   0-11399

CINTAS CORPORATION
(Exact name of registrant as specified in its charter)


WASHINGTON 31-1188630
(State or other jurisdiction of
 incorporation or organization) 		(I.R.S. Employer
Identification No.)


6800 CINTAS BOULEVARD
       P.O. BOX 625737
CINCINNATI, OHIO 45262-5737
(Address of principal executive offices)
(Zip Code)


(513) 459-1200
(Registrant's telephone number, including area code)

        Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   [X]        No  [   ]

        Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12 b-2 of the Exchange Act).     Yes  [X]       No  [   ]

        Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

                    Class                    Outstanding September 30, 2003
Common Stock, no par value 170,774,995

-1-

CINTAS CORPORATION

INDEX

Part I. Financial Information

        Item 1. Financial Statements.

                      Consolidated Condensed Statements of Income -
                         Three Months Ended August 31, 2003 and 2002

                      Consolidated Condensed Balance Sheets -
                         August 31, 2003 and May 31, 2003

                      Consolidated Condensed Statements of Cash Flows -
                         Three Months Ended August 31, 2003 and 2002

                      Notes to Consolidated Condensed Financial Statements

        Item 2. Management's Discussion and Analysis of Financial
                      Condition and Results of Operations.

        Item 3. Quantitative and Qualitative Disclosures About
                      Market Risk.

        Item 4. Controls and Procedures.


Part II. Other Information

Signatures

Certifications 		Page No.




   3


   4


   5

   6


  18


  20

  20


  21

  21

  23

-2-

CINTAS CORPORATION
ITEM 1. FINANCIAL STATEMENTS.
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(Unaudited)
(In thousands except per share data)



  Three Months Ended August 31,
  2003
 2002
Revenue:            
   Rentals   $ 538,404   $ 523,656  
   Other services    139,252    142,070  
     677,656    665,726  
Costs and expenses (income):  
   Cost of rentals    298,145    286,951  
   Cost of other services    92,063    96,762  
   Selling and administrative expenses    176,130    176,832  
   Interest income    (413 )  (739 )
   Interest expense    6,880    8,024  
   Write off of loan receivable    4,343    0  
     577,148    567,830  
Income before income taxes    100,508    97,896  
Income taxes    37,181    36,249  
Net income   $ 63,327   $ 61,647  
Basic earnings per share   $ .37   $ .36  
Diluted earnings per share   $ .37   $ .36  

See accompanying notes.

-3-

CINTAS CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS
(In thousands except share data)

 
August 31,
2003
-----------------
(Unaudited)		 May 31,
2003
-----------------

ASSETS            
Current assets:  
   Cash and cash equivalents   $ 54,914   $ 32,239  
   Marketable securities    37,371    25,420  
   Accounts receivable, net    271,766    278,147  
   Inventories    224,845    228,410  
   Uniforms and other rental items in service    299,726    305,721  
   Prepaid expenses    8,759    7,607  
     Total current assets    897,381    877,544  
                 
Property and equipment, at cost, net    779,552    777,432  
               
Goodwill    726,334    721,855  
Service contracts    140,606    144,899  
Other assets    52,253    61,216  
    $ 2,596,126   $ 2,582,946  
LIABILITIES AND SHAREHOLDERS' EQUITY  
Current liabilities:  
   Accounts payable   $ 48,839   $ 53,909  
   Accrued compensation and related liabilities    21,451    25,252  
   Accrued liabilities    64,453    127,882  
   Income taxes:  
      Current    31,415    16,527  
      Deferred    66,484    53,018  
   Long-term debt due within one year    26,653    28,251  
     Total current liabilities    259,295    304,839  
               
Long-term debt due after one year    527,714    534,763  
               
Deferred income taxes    99,139    97,012  
               
Shareholders' equity:  
   Preferred stock, no par value,  
     100,000 shares authorized, none outstanding    --    --  
   Common stock, no par value,  
     425,000,000 shares authorized,  
     170,731,456 shares issued and outstanding  
     (170,599,993 at May 31, 2003)    77,530    76,124  
   Retained earnings    1,631,398    1,568,071  
   Other accumulated comprehensive income (loss):  
     Foreign currency translation    2,979    4,427  
     Unrealized loss on derivatives    (1,929 )  (2,290 )
     Total shareholders' equity    1,709,978    1,646,332  
    $ 2,596,126   $ 2,582,946  

See accompanying notes.

-4-

CINTAS CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)


  Three Months Ended
August 31,
  2003
 2002
Cash flows from operating activities:            
   Net income   $ 63,327   $ 61,647  
   Adjustments to reconcile net income to net cash provided  
   by operating activities:  
      Depreciation    29,017    30,428  
      Amortization of deferred charges    6,418    7,638  
      Deferred income taxes    15,593    16,570  
      Change in current assets and liabilities, net of  
         acquisitions of businesses:  
           Accounts receivable    6,844    1,739  
           Inventories    4,055    (15,641 )
           Uniforms and other rental items in service    5,995    (11,121 )
           Prepaid expenses    (1,152 )  (773 )
           Accounts payable    (5,075 )  10,388  
           Accrued compensation and related liabilities    (3,801 )  (3,776 )
           Accrued liabilities    (64,051 )  (41,562 )
           Income taxes payable    14,888    14,442  
Net cash provided by operating activities    72,058    69,979  
             
Cash flows from investing activities:  
   Capital expenditures    (31,007 )  (21,647 )
   Proceeds from sale or redemption of marketable securities    2,137    8,686  
   Purchase of marketable securities    (14,088 )  19  
   Acquisitions of businesses, net of cash acquired    (6,480 )  (15,931 )
   Other    1,533    204  
Net cash used in investing activities    (47,905 )  (28,669 )
             
Cash flows from financing activities:  
   Repayment of long-term debt    (1,797 )  (48,798 )
   Issuance of common stock    1,406    2,071  
   Other    (1,087 )  (1,804 )
Net cash used in financing activities    (1,478 )  (48,531 )
Net increase / (decrease) in cash and cash equivalents    22,675    (7,221 )
Cash and cash equivalents at beginning of period    32,239    40,628  
Cash and cash equivalents at end of period   $ 54,914   $ 33,407  

See accompanying notes.

-5-

CINTAS CORPORATION
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(Unaudited)
(Amounts in thousands except per share data)


1.      Basis of Presentation

The consolidated condensed financial statements of Cintas Corporation included herein have been prepared by Cintas, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations. While we believe that the disclosures are adequately presented, it is suggested that these consolidated condensed financial statements be read in conjunction with the financial statements and notes included in our most recent annual report for the fiscal year ended May 31, 2003. A summary of our significant accounting policies is presented on page 36 of our most recent annual report. There have been no material changes in the accounting policies followed by Cintas during the fiscal year.

Interim results are subject to variations and are not necessarily indicative of the results of operations for a full fiscal year. In the opinion of management, adjustments (which include only normal recurring adjustments) necessary for a fair statement of the results of the interim periods shown have been made.

Certain prior year amounts have been reclassified to conform with current year presentation.

2.       New Accounting Standard

In January 2003, the Financial Accounting Standards Board (FASB) issued Interpretation No. 46, Consolidation of Variable Interest Entities, an Interpretation of Accounting Research Bulletin No. 51. The Interpretation requires the consolidation of entities in which an enterprise absorbs a majority of the entity’s expected losses, receives a majority of the entity’s expected residual returns, or both, as a result of ownership, contractual or other financial interests in the entity. Currently, entities are generally consolidated by an enterprise when it has a controlling financial interest through ownership of a majority voting interest in the entity. Cintas adopted this Interpretation on July 1, 2003. The adoption of this Interpretation did not have a material effect on the financial statements.

-6-

CINTAS CORPORATION
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(Unaudited)
(In thousands except per share data)


3.      Earnings per Share

The following table represents a reconciliation of the shares used to calculate basic and diluted earnings per share for the respective years:

  August 31,
     2003      		August 31,
     2002     
Numerator:        
Net income  $ 63,327  $ 61,647  
Denominator: 
Denominator for basic earnings per share- 
   weighted average shares  170,652  170,036  
Effect of dilutive securities-employee 
    stock options    1,270    2,163  
Denominator for diluted earnings per 
    share-adjusted weighted average 
    shares and assumed conversions  171,922  172,199  
Basic earnings per share  $       .37  $      .36  
Diluted earnings per share  $       .37  $       .36  

4.      Goodwill and Intangible Assets

Changes in the carrying amount of goodwill for the quarter ended August 31, 2003, by operating segment, are as follows:

"Acquired Intangible Assets"

Rentals Other Services Total
Balance as of June 1, 2003   $ 671,955   $49,900   $ 721,855  
Goodwill acquired during the period  --   4,629   4,629  
Foreign currency translation  (150 ) --   (150 )
Balance as of August 31, 2003  $ 671,805   $54,529   $ 726,334  

-7-

CINTAS CORPORATION
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(Unaudited)
(In thousands except per share data)


Information regarding Cintas’ service contracts and other assets follows:

  As of August 31, 2003
  Carrying
 Amount 
  		Accumulated
Amortization
  		    Net     
 
Service contracts   $232,231   $91,625   $140,606  
Noncompete and  $  53,822   $38,506   $  15,316  
consulting agreements 
Other  38,858   1,921   36,937  
Total  $  92,680   $40,427   $  52,253  


  As of May 31, 2003
  Carrying
 Amount 
  		Accumulated
Amortization
  		    Net     
 
Service contracts   $232,826   $87,927   $144,899  
Noncompete and  $ 55,456   $38,990   $ 16,466  
consulting agreements 
Other  46,401   1,651   44,750  
Total  $101,857   $40,641   $  61,216  

Amortization expense was $6,418 and $7,638 for the three months ended August 31, 2003 and 2002, respectively. Estimated amortization expense, excluding any future acquisitions, for each of the next five years is $24,949, $22,868, $21,106, $19,057 and $16,937, respectively.

5.      Derivatives and Hedging Activities

Cintas formally documents all relationships between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedge transactions. Cintas’ hedging activities are transacted only with highly-rated institutions, reducing the exposure to credit risk in the event of nonperformance.

Cintas uses derivatives for both cash flow hedging and fair value hedging purposes. For derivative instruments that hedge the exposure of variability in short-term interest rates, designated as cash flow hedges, the effective portion of the net gain or loss on the derivative instrument is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. For the ineffective portion of the hedge, gains or losses are charged to earnings in the current period. For derivative instruments that hedge the exposure to changes in the fair value of certain fixed rate debt, designated as fair value hedges, the effective portion of the net gain or loss on the derivative instrument, as well as the offsetting gain or loss on the fixed rate debt attributable to the hedged risk, are recorded in current period earnings.

-8-

CINTAS CORPORATION
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(Unaudited)
(In thousands except per share data)


Cintas uses interest rate swap and lock agreements as hedges against variability in short-term interest rates. These agreements effectively convert a portion of the floating rate debt to a fixed rate basis, thus reducing the impact of interest rate changes on future interest expense. Cintas uses the Hypothetical Derivative Method for assessing the effectiveness of these swaps. The effectiveness of these swaps is reviewed at least every fiscal quarter. Cintas will also periodically use reverse interest rate swap agreements to convert a portion of fixed rate debt to a floating rate basis, thus hedging for changes in the fair value of the fixed rate debt being hedged. Cintas has determined that the current interest rate swap agreement, designated as a fair value hedge, qualifies for treatment under the short-cut method of measuring effectiveness. Under the provisions of SFAS 133, this hedge is determined to be perfectly effective and there is no requirement to periodically evaluate effectiveness.

Approximately 83%, or $40 million, of outstanding floating rate debt was designated as the hedged items covered by interest-rate swap agreements at August 31, 2003. The change in fair value of these cash flow hedges during the first quarter of fiscal year 2004 resulted in a credit of $361 to other comprehensive income. The reverse interest rate swap agreement is a fair value hedge that converts $125 million of fixed rate debt to a floating rate. This agreement expires in 2007, and allows Cintas to receive an effective interest rate of 5.13% and pay an interest rate based on LIBOR. Because this fair value hedge is 100% effective, the $7.0 million unfavorable change in the fair value of this hedge was directly offset by a decrease in the fair value of the debt.

6.      Stock-Based Compensation

During the third quarter of fiscal 2003, Cintas adopted the disclosure requirements of FASB Statement No. 148, Accounting for Stock-Based Compensation – Transition and Disclosure, but will continue to apply Accounting Principles Board Opinion No. 25 as the method used to account for stock-based employee compensation arrangements. The following table illustrates the effect on net income and earnings per share as if the fair value based method had been applied to all outstanding and unvested awards in each period.

  August 31,
     2003     
August 31,
     2002     
Net income, as reported        
   $63,327  $61,647  
Deduct: Total stock-based employee 
compensation expense determined under 
fair value based method for all awards, 
net of related tax effects    1,635    1,420  
Pro forma net income 
   $61,692  $60,227  
Earnings per share: 
  
    Basic--as reported  $     .37  $     .36  
    Basic--pro forma  $     .36  $     .35  
    Diluted--as reported  $     .37  $     .36  
    Diluted--pro forma  $     .36  $     .35  

-9-

CINTAS CORPORATION
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(Unaudited)
(In thousands except per share data)


7.      Comprehensive Income

Total comprehensive income represents the net change in shareholders’ equity during a period from sources other than transactions with shareholders and, as such, includes net earnings. For Cintas, the only other components of total comprehensive income are the change in cumulative foreign currency translation adjustments and the change in the fair value of forecasted cash flows associated with a derivative accounted for as a cash flow hedge. The components of comprehensive income for the three month periods ended August 31, 2003 and 2002 are as follows:

  August 31, 2003
 August 31, 2002
 
Net income   $63,327   $61,647  
           
Other comprehensive income: 
     Foreign currency translation adjustment  (1,448 ) (1,540 )
     Net unrealized income (loss) on cash flow  
           hedges  361   (264 )
Comprehensive income  $62,240   $59,843  

8.      Segment Information

Cintas classifies its businesses into two operating segments: Rentals and Other Services. The Rentals operating segment designs and manufactures corporate identity uniforms which it rents, along with other items, to its customers. The Other Services operating segment involves the design, manufacture and direct sale of uniforms to its customers, as well as the sale of ancillary services including first aid products and services and cleanroom supplies. Substantially all of these services are provided throughout the United States and Canada to businesses of all types — from small service and manufacturing companies to major corporations that employ thousands of people. Information about our different business segments is set forth based on the distribution of products and services offered. Cintas evaluates performance based on several factors, of which the primary financial measures are business segment revenue and income before income taxes.

The $4,343 write-off of the loan receivable in the first quarter of fiscal 2004 has been included in the Corporate segment.

  Rentals  Other
Services 		Corporate Total
As of and for the three months            
   ended August 31, 2003 
Revenue  $   538,404   $139,252   $           --  $   677,656  
Income before income taxes  $   100,817   $  10,501   $(10,810)  $   100,508  
Total assets  $2,193,221   $310,620   $  92,285  $2,596,126  
As of and for the three months 
   ended August 31, 2002 
Revenue  $   523,656   $142,070   $          --  $   665,726  
Income before income taxes  $     94,225   $  10,956   $ (7,285)  $     97,896  
Total assets  $2,180,157   $286,635   $ 69,160  $2,535,952  

-10-

CINTAS CORPORATION
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(Unaudited)
(In thousands except per share data)


9.      Supplemental Guarantor Information

On May 13, 2002, Cintas completed the acquisition of Omni for $656,071. The purchase price for Omni was funded with $450,000 in long-term notes, $100,000 of borrowings under a commercial paper program and $106,071 in cash. The $450,000 in long-term notes consists of $225,000 with five-year maturities at an interest rate of 5.125% and $225,000 with ten-year maturities at an interest rate of 6%. An additional working capital payment of $3,055 was made during the second quarter of fiscal year 2003, bringing the total purchase price to $659,126.

Effective June 1, 2000, Cintas reorganized its legal structure and created Cintas Corporation No. 2 (Corp. 2) as its indirectly, wholly-owned principal operating subsidiary. Cintas and its wholly-owned, direct and indirect domestic subsidiaries, other than Corp. 2, unconditionally guaranteed, jointly and severally, debt of Corp. 2. As allowed by SEC rules, the following condensed consolidating financial statements are provided as an alternative to filing separate financial statements of the guarantors. Each of the subsidiaries presented in the condensed consolidating financial statements has been fully consolidated in Cintas’ financial statements. The condensed consolidating financial statements should be read in conjunction with the financial statements of Cintas and notes thereto of which this note is an integral part.

Condensed consolidating financial statements for Cintas, Corp. 2, the subsidiary guarantors and non-guarantors are presented below:

-11-

CONDENSED CONSOLIDATED INCOME STATEMENT
THREE MONTHS ENDED AUGUST 31, 2003

Cintas
Corporation
 Corp. 2
 Subsidiary
Guarantors
 Non-Guarantors
 Eliminations
 Cintas
Corporation
Consolidated
Revenue:                            
   Rentals   $ --   $ 402,396   $ 109,016   $ 27,045   $ (53 ) $ 538,404  
   Other services    --    255,927    54,186    7,687    (178,548 )  139,252  
   Equity in net income of affiliates    63,327    --    --    --    (63,327 )  --  
     63,327    658,323    163,202    34,732    (241,928 )  677,656  
Costs and expenses (income):  
   Cost of rentals    --    257,593    61,848    16,706    (38,002 )  298,145  
   Cost of other services    --    189,234    39,350    4,803    (141,324 )  92,063  
   Selling and administrative expenses    --    176,727    (8,711 )  8,145    (31 )  176,130  
   Interest income    --    (342 )  (21 )  (50 )  --    (413 )
   Interest expense    --    6,806    (945 )  1,019    --    6,880  
   Write off of loan receivable    --    --    4,343    --    --    4,343  
     --    630,018    95,864    30,623    (179,357 )  577,148  
Income before income taxes    63,327    28,305    67,338    4,109    (62,571 )  100,508  
Income taxes    --    5,386    29,838    1,957    --    37,181  
Net income   $ 63,327   $ 22,919   $ 37,500   $ 2,152   $ (62,571 ) $ 63,327  

12

CONDENSED CONSOLIDATED INCOME STATEMENT
THREE MONTHS ENDED AUGUST 31, 2002

Cintas
Corporation
 Corp. 2
 Subsidiary
Guarantors
 Non-Guarantors
 Eliminations
 Cintas
Corporation
Consolidated
Revenue:                            
   Rentals   $ --   $ 396,228   $ 104,482   $ 22,981   $ (35 ) $ 523,656  
   Other services    --    276,005    49,146    8,356    (191,437 )  142,070  
   Equity in net income of affiliates    61,647    --    --    --    (61,647 )  --  
     61,647    672,233    153,628    31,337    (253,119 )  665,726  
Costs and expenses (income):  
   Cost of rentals    --    252,039    54,303    14,892    (34,283 )  286,951  
   Cost of other services    --    209,810    36,441    4,365    (153,854 )  96,762  
   Selling and administrative expenses    --    178,202    (9,660 )  8,239    51    176,832  
   Interest income    --    (671 )  (48 )  (20 )  --    (739 )
   Interest expense    --    88    7,152    784    --    8,024  
     --    639,468    88,188    28,260    (188,086 )  567,830  
Income before income taxes    61,647    32,765    65,440    3,077    (65,033 )  97,896  
Income taxes    --    5,525    29,415    1,309    --    36,249  
Net income   $ 61,647   $ 27,240   $ 36,025   $ 1,768   $ (65,033 ) $ 61,647  

13

CONDENSED CONSOLIDATED BALANCE SHEET
AS OF AUGUST 31, 2003

Cintas
Corporation
 Corp. 2
 Subsidiary
Guarantors
 Non-Guarantors
 Eliminations
 Cintas
Corporation
Consolidated
Assets                            
Current assets:  
   Cash and cash equivalents   $ --   $ 35,968   $ 5,415   $ 13,531   $ --   $ 54,914  
   Marketable securities    --    33,719    --    3,652    --    37,371  
   Accounts receivable, net    --    199,687    76,158    7,552    (11,631 )  271,766  
   Inventories    --    211,464    16,775    6,927    (10,321 )  224,845  
   Uniforms and other rental items in service    --    248,350    70,558    15,783    (34,965 )  299,726  
   Prepaid expenses    --    6,346    1,942    471    --    8,759  
Total current assets    --    735,534    170,848    47,916    (56,917 )  897,381  
                              
Property and equipment, at cost, net    --    601,432    137,348    40,772    --    779,552  
Goodwill    --    113,334    599,063    13,937    --    726,334  
Service contracts    --    27,709    103,001    9,896    --    140,606  
Other assets    1,243,681    32,026    779,928    138,559    (2,141,941 )  52,253  
    $ 1,243,681   $ 1,510,035   $ 1,790,188   $ 251,080   $ (2,198,858 ) $ 2,596,126  
Liabilities and Shareholders' Equity  
Current liabilities:  
   Accounts payable   $ (465,247 ) $ 17,108   $ 453,847   $ 5,118   $ 38,013    48,839  
   Accrued compensation and related liabilities    --    16,040    4,282    1,129    --    21,451  
   Accrued liabilities    --    173,871    (113,474 )  4,101    (45 )  64,453  
   Income taxes:  
      Current    --    (28,522 )  60,559    (593 )  (29 )  31,415  
      Deferred    --    --    64,703    1,781    --    66,484  
   Long-term debt due within one year    --    26,144    615    52    (158 )  26,653  
Total current liabilities    (465,247 )  204,641    470,532    11,588    37,781    259,295  
                              
Long-term debt due after one year    --    535,543    (48,587 )  71,716    (30,958 )  527,714  
Deferred income taxes    --    9,631    84,766    4,742    --    99,139  
Total shareholders' equity    1,708,928    760,220    1,283,477    163,034    (2,205,681 )  1,709,978  
    $ 1,243,681   $ 1,510,035   $ 1,790,188   $ 251,080   $ (2,198,858 ) $ 2,596,126  

14

CONDENSED CONSOLIDATED BALANCE SHEET
AS OF MAY 31, 2003

Cintas
Corporation
 Corp. 2
 Subsidiary
Guarantors
 Non-Guarantors
 Eliminations
 Cintas
Corporation
Consolidated
Assets                            
Current assets:  
   Cash and cash equivalents   $ --   $ 16,592   $ 5,166   $ 9,329   $ 1,152   $ 32,239  
   Marketable securities    --    23,934    --    1,486    --    25,420  
   Accounts receivable, net    --    203,438    80,537    8,107    (13,935 )  278,147  
   Inventories    --    218,304    15,845    6,813    (12,552 )  228,410  
   Uniforms and other rental items in service    --    251,118    71,413    16,680    (33,490 )  305,721  
   Prepaid expenses    --    4,865    1,812    930    --    7,607  
Total current assets    --    718,251    174,773    43,345    (58,825 )  877,544  
                             
Property and equipment, at cost, net    --    598,558    136,896    41,978    --    777,432  
Goodwill    --    113,334    594,419    14,102    --    721,855  
Service contracts    --    29,175    105,178    10,546    --    144,899  
Other assets    1,178,948    40,124    780,073    141,282    (2,079,211 )  61,216  
    $ 1,178,948   $ 1,499,442   $ 1,791,339   $ 251,253   $ (2,138,036 ) $ 2,582,946  
Liabilities and Shareholders' Equity  
Current liabilities:  
   Accounts payable   $ (465,247 ) $ 11,084   $ 467,211   $ 2,848    38,013   $ 53,909  
   Accrued compensation and related liabilities    --    19,451    4,368    1,433    --    25,252  
   Accrued liabilities    --    178,538    (54,321 )  4,657    (992 )  127,882  
   Income taxes:  
      Current    --    (33,053 )  50,841    (1,232 )  (29 )  16,527  
      Deferred    --    386    50,828    1,804    --    53,018  
   Long-term debt due within one year    --    27,798    604    53    (204 )  28,251  
Total current liabilities    (465,247 )  204,204    519,531    9,563    36,788    304,839  
                                 
Long-term debt due after one year    --    542,572    (49,078 )  72,630    (31,361 )  534,763  
Deferred income taxes    --    9,245    82,795    4,972    --    97,012  
Total shareholders' equity    1,644,195    743,421    1,238,091    164,088    (2,143,463 )  1,646,332  
    $ 1,178,948   $ 1,499,442   $ 1,791,339   $ 251,253   $ (2,138,036 ) $ 2,582,946  

15

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
THREE MONTHS ENDED AUGUST 31, 2003

Cintas
Corporation
 Corp. 2
 Subsidiary
Guarantors
 Non-Guarantors
 Eliminations
 Cintas
Corporation
Consolidated
Cash flows from operating activities:                            
Net income   $ 63,327   $ 22,919   $ 37,500   $ 2,152   $ (62,571 ) $ 63,327  
Adjustments to reconcile net income to net  
cash provided by (used in) operating activities:  
   Depreciation    --    18,666    9,008    1,343    --    29,017  
   Amortization of deferred charges    --    2,374    3,500    544    --    6,418  
   Deferred income taxes    --    --    15,846    (253 )  --    15,593  
   Changes in current assets and liabilities,  
    net of acquisitions of businesses:  
       Accounts receivable    --    3,751    4,842    555    (2,304 )  6,844  
       Inventories    --    6,840    (440 )  (114 )  (2,231 )  4,055  
       Uniforms and other rental items in service    --    2,768    855    897    1,475    5,995  
       Prepaid expenses    --    (1,481 )  (130 )  459    --    (1,152 )
       Accounts payable    --    6,024    (13,369 )  2,270    --    (5,075 )
       Accrued compensation and related liabilities    --    (3,411 )  (86 )  (304 )  --    (3,801 )
       Accrued liabilities    --    (4,667 )  (59,775 )  (556 )  947    (64,051 )
       Income taxes payable    --    4,531    9,718    639    --    14,888  
Net cash provided by (used in) operating activities    63,327    58,314    7,469    7,632    (64,684 )  72,058  
 
Cash flows from investing activities:  
   Capital expenditures    --    (21,538 )  (9,299 )  (170 )  --    (31,007 )
   Proceeds from sale or redemption of marketable securities    --    2,137    --    --    --    2,137  
   Purchase of marketable securities    --    (11,922 )  --    (2,166 )  --    (14,088 )
   Acquisitions of businesses, net of cash acquired    --    --    (6,480 )  --    --    (6,480 )
   Other    (64,733 )  (6,143 )  8,057    1,269    63,083    1,533  
Net cash (used in) provided by investing activities    (64,733 )  (37,466 )  (7,722 )  (1,067 )  63,083    (47,905 )
 
Cash flows from financing activities:  
   Repayment of long-term debt    --    (1,833 )  502    (915 )  449    (1,797 )
   Issuance of common stock    1,406    --    --    --    --    1,406  
   Other    --    361    --    (1,448 )  --    (1,087 )
Net cash provided by (used in) financing activities    1,406    (1,472 )  502    (2,363 )  449    (1,478 )
Net increase (decrease) in cash and cash equivalents    --    19,376    249    4,202    (1,152 )  22,675  
Cash and cash equivalents at beginning of period    --    16,592    5,166    9,329    1,152    32,239  
Cash and cash equivalents at end of period   $ --   $ 35,968   $ 5,415   $ 13,531   $ --   $ 54,914  

16

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
THREE MONTHS ENDED AUGUST 31, 2002

Cintas
Corporation
 Corp. 2
 Subsidiary
Guarantors
 Non-Guarantors
 Eliminations
 Cintas
Corporation
Consolidated
Cash flows from operating activities:                            
Net income   $ 61,647   $ 27,240   $ 36,025   $ 1,768   $ (65,033 ) $ 61,647  
Adjustments to reconcile net income to net  
cash provided by (used in) operating activities:  
   Depreciation    --    19,228    9,942    1,258    --    30,428  
   Amortization of deferred charges    --    2,625    4,498    515    --    7,638  
   Deferred income taxes    --    954    15,598    18    --    16,570  
   Changes in current assets and liabilities,  
    net of acquisitions of businesses:  
       Accounts receivable    --    25,977    (8,217 )  (14,807 )  (1,214 )  1,739  
       Inventories    --    (12,137 )  (1,639 )  (943 )  (922 )  (15,641 )
       Uniforms and other rental items in service    --    (16,194 )  864    (99 )  4,308    (11,121 )
       Prepaid expenses    --    989    (1,682 )  (80 )  --    (773 )
       Accounts payable    --    (7,702 )  16,967    1,127    (4 )  10,388  
       Accrued compensation and related liabilities    --    (7,922 )  4,206    (60 )  --    (3,776 )
       Accrued liabilities    --    1,603    (43,445 )  (682 )  962    (41,562 )
       Income taxes payable    --    3,816    10,105    521    --    14,442  
Net cash provided by (used in) operating activities    61,647    38,477    43,222     (11,464 )  (61,903 )  69,979  
 
Cash flows from investing activities:  
   Capital expenditures    --    13,899    (33,245 )  (2,301 )  --    (21,647 )
   Proceeds from sale or redemption of marketable securities    --    8,027    --    659    --    8,686  
   Purchase of marketable securities    --    --    --    19    --    19  
   Acquisitions of businesses, net of cash acquired    --    (8,283 )  (2,020 )  (5,628 )  --    (15,931 )
   Other    (62,178 )  (13,893 )  14,661    2,280    59,334    204  
Net cash (used in) provided by investing activities    (62,178 )  (250 )  (20,604 )  (4,971 )  59,334    (28,669 )
 
Cash flows from financing activities:  
   Repayment of long-term debt    --    (46,866 )  (20,667 )  16,166    2,569    (48,798 )
   Issuance of common stock    2,071    --    --    --    --    2,071  
   Other    (1,540 )  (264 )  --    --    --    (1,804 )
Net cash provided by (used in) financing activities    531    (47,130 )  (20,667 )  16,166    2,569    (48,531 )
Net (decrease) increase in cash and cash equivalents    --    (8,903 )  1,951    (269 )  --    (7,221 )
Cash and cash equivalents at beginning of period    --    22,440    5,011    13,177    --    40,628  
Cash and cash equivalents at end of period   $ --   $ 13,537   $ 6,962   $ 12,908   $ --   $ 33,407  

17

CINTAS CORPORATION
ITEM 2.   MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

Total revenue increased 2% for the three months ended August 31, 2003, over the same period in fiscal 2003. The difficult economic environment and the continued weakness in employment numbers have caused our internal growth rate to be lower than our stated objective. However, we have continued to grow organically in this environment mainly through the continued sale of new rental programs.

Rentals operating segment revenues consist predominantly of revenues derived from the rental of corporate identity uniforms, mats, shop towels and other items. Net Rentals revenue increased 3% for the three months ended August 31, 2003, over the same period in the prior fiscal year, primarily due to the sale of new rental programs. Rentals revenue growth was negatively impacted by increased lost business and reductions in existing business attributable to the current sluggish economy.

Other Services operating segment revenues are derived from the design, manufacture and direct sale of uniforms to our customers, as well as ancillary services including hygiene supplies, first aid products and services and cleanroom supplies. Revenue from the sale of uniforms and other direct sale items decreased 2% for the three months ended August 31, 2003, over the same period in the prior year, due to continued pressure on the hotel, gaming, airline and electronics industries.

Cost of rentals consists primarily of production expenses, delivery expenses and amortization of in service uniforms and other rental items. Cost of rentals increased 4% for the three months ended August 31, 2003, as compared to the three months ended August 31, 2002, as a result of increased Rentals revenues and increased energy and labor-related costs.

Cost of other services consists primarily of cost of goods sold (predominantly uniforms and first aid products), delivery expenses and distribution expenses. Cost of other services decreased 5% for the three months ended August 31, 2003, as compared to the three months ended August 31, 2002. This reduction is due to a combination of lower Other Services revenue, improved efficiencies in distribution and lower sourcing costs.

Selling and administrative expenses were essentially flat for the three months ended August 31, 2003, as compared to the three months ended August 31, 2002. Increased efficiencies and cost containment initiatives enabled selling and administrative expenses to remain constant despite an increase in total revenues and the continued rise in medical benefits costs.

Net interest expense (interest expense less interest income) was $6 million for the three months ended August 31, 2003, compared to $7 million for the same period in the prior fiscal year. This decrease was primarily a result of lower outstanding debt levels as compared to the prior year. Cintas’ effective tax rate was 37.0% for both the three months ended August 31, 2003 and August 31, 2002.

Included in net income is a pre-tax charge of $4.3 million from a write-off of a receivable from a garment manufacturer. Based on recent developments concerning the supplier’s viability to remain as a going concern, the collectibility of the receivable became doubtful. As such, the receivable has been completely written off.

18

Net income after the charge increased 3% for the three months ended August 31, 2003, over the same period in fiscal 2003, primarily due to increased efficiencies from revenue growth and cost containment initiatives. Diluted earnings per share increased 3% for the three months ended August 31, 2003, over the same period in the prior fiscal year.

Financial Condition

At August 31, 2003, there was $92 million in cash, cash equivalents and marketable securities, an increase of $35 million from May 31, 2003, primarily due to additional cash generation from cost containment initiatives and the absence of any significant acquisitions. The cash, cash equivalents and marketable securities will be used to finance future growth, capital expenditures, repayment of debt and dividends. We believe that our current cash position, funds generated from operations and the strength of our banking relationships are sufficient to meet our anticipated operational and capital requirements.

Net property and equipment increased by $2 million from May 31, 2003 to August 31, 2003 due to continued investment in rental facilities and equipment. At the end of the first quarter of fiscal 2004, Cintas had eleven uniform rental facilities in various stages of construction.

Following is information regarding Cintas’ long-term contractual obligations and other commitments outstanding as of August 31, 2003:

(In thousands)
 Payments Due by Period
Long-term contractual obligations
 Total
 One year or
less
 Two to three
years
 Four to five
years
 After five
years
Long-term debt (1)     $ 550,525   $ 26,176   $ 56,986   $ 238,750   $ 228,613  
Capital lease obligations (2)    3,842    477    1,127    1,226    1,012  
Operating leases (3)    54,672    14,310    20,695    12,516    7,151  
Unconditional purchase obligations    --    --    --    --    --  
Total contractual cash obligations   $ 609,039   $ 40,963   $ 78,808   $ 252,492   $ 236,776  

(1) Long-term debt primarily consists of commercial paper and $450,000 in long-term notes.
(2) Capital lease obligations are classified as long-term debt on the balance sheet.
(3) Operating leases consist primarily of building leases and synthetic leases on the two corporate jets.

(In thousands)
 Amount of Commitment Expiration Per Period
Other commercial commitments
 Total
 One year or
less
 Two to three
years
 Four to
five years
 After five
years
Lines of credit (1)     $ 300,000   $ 150,000   $ 150,000   $---     $---    
Standby letters of credit (2)    47,362    47,362    --   --   --  
Guarantees    --    --    --   --   --  
Standby repurchase obligations    --    --    --   --   --  
Other commercial commitments    --    --    --   --   --  
Total commercial commitments   $ 347,362   $ 197,362   $ 150,000   $---   $---  

19

(1) Back-up facility for the commercial paper program.
(2) Support certain outstanding debt and self-insured workers’ compensation and general liability insurance programs.

Litigation and Other Contingencies

Cintas is party to litigation in the normal course of business, none of which is expected to have a material impact on operating results. In addition, a class action suit was filed in Federal Court in the Northern District of California alleging that Cintas violated certain federal and state wage and hour laws applicable to its service sales representatives, whom Cintas considers exempt employees, and asserting additional related ERISA claims. Cintas believes it has properly classified its service sales representatives as exempt employees and will vigorously defend these allegations. The estimated liability, if any, relating to these lawsuits has not been determined, but is not expected to have a material adverse effect on the financial statements.

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

In our normal operations, Cintas has market risk exposure to interest rates. There has been no significant change in our exposure to these risks, which has been previously disclosed on page 61 of our most recent annual report.

ITEM 4.

CONTROLS AND PROCEDURES.

An evaluation was completed under the supervision and with the participation of Cintas’ management, including Cintas’ President and Chief Executive Officer, Chief Financial Officer, General Counsel and Controllers, of the effectiveness of the design and operation of Cintas’ disclosure controls and procedures as of August 31, 2003. Based on these evaluations, Cintas’ management, including the President and Chief Executive Officer, Chief Financial Officer, General Counsel and Controllers, concluded that Cintas’ disclosure controls and procedures were effective as of August 31, 2003. There has been no change to Cintas’ internal control over financial reporting that occurred during the first quarter of fiscal 2004 that has materially affected, or is reasonably likely to materially affect, Cintas’ internal control over financial reporting.

20

Forward-Looking Statements

The Private Securities Litigation Reform Act of 1995 provides a safe harbor from civil litigation for forward-looking statements. Forward-looking statements may be identified by words such as estimates, anticipates, projects, plans, expects, intends, believes, should and similar expressions and by the context in which they are used. Such statements are based upon current expectations of Cintas and speak only as of the date made. These statements are subject to various risks, uncertainties and other factors that could cause actual results to differ from those set forth in this report. Factors that might cause such a difference include the possibility of greater than anticipated operating costs, lower sales volumes, the performance and costs of integration of acquisitions, fluctuations in costs of materials and labor, costs and possible effects of union organizing activities, outcome of pending environmental matters, the initiation or outcome of litigation, higher assumed sourcing or distribution costs of products and the reactions of competitors in terms of price and service. Cintas undertakes no obligation to update any forward-looking statements to reflect the events or circumstances arising after the date on which they are made.

21

CINTAS CORPORATION

Part II.    Other Information

  Item 6. Exhibits and Reports on Form 8-K

  (a) Exhibits

  31.1 Certification of Principal Executive Officer required by Rule 13a-14(a)

  31.2 Certification of Principal Financial Officer required by Rule 13a-14(a)

  32.1 Section 1350 Certification of Chief Executive Officer

  32.2 Section 1350 Certification of Chief Financial Officer

  (b) Reports on Form 8-K

  On July 17, 2003, Cintas filed a report on Form 8-K reporting under Item 7 and; for Item 12, under Item 9.

Signatures

        Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.




Date:  October 15, 2003		 CINTAS COROPORATION
        (Registrant)



BY: /s/William C. Gale
——————————————
William C. Gale
Senior Vice President and
Chief Financial Officer
(Chief Accounting Officer)